The Consumer Financial Protection Bureau (CFPB) proposed a rule to curb overdraft fees incurred when consumers withdraw more than the available funds in their bank account — a move that might save customers about $3.5 billion a year overall. It would limit those fees to only what’s necessary to cover the institutions’ costs, which is somewhere between $3 and $14, instead of the $35 some banks charged before the rule was announced. This is a “huge way in which the administration has shown up in a way that affects everyday consumers,” said Mitria Wilson-Spotser, the federal policy director at the Center for Responsible Lending. Though it’s not in effect yet, some banks have already changed their policies in anticipation that it will be implemented.
